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Different generations have different preferences. And, as people age, new companies come along to take advantage of shifting consumer behavior.

Investors often think about how to play demographic trends. Stocks for the retirement of the Baby Boomers. Companies that are poised to benefit from the rise of the millennial generation. But what about the other side? As generations age, their spending patterns change, and their willingness to purchase particular goods declines.

Three companies stand out as being exposed to a demographic shift. While all three seem to be taking corrective actions, investors should be aware of the challenges they face.

Harley Davidson sells bikes to middle-aged, white men

It’s pretty simple: Harley-Davidson, Inc. (NYSE:HOG) primarily sells its bikes to white men between the ages of 35 and 74. Although the Harley brand remains a legendary icon of American culture, its bikes appeal to a specific subset of the population — one that is in decline.

Consumers under 35 generally can’t afford to purchase Harley-Davidson, Inc. (NYSE:HOG)’s bikes, instead favoring Japanese equivalents that are often only a fraction of the price. The cheapest 2013 Harley-Davidson, Inc. (NYSE:HOG) starts around $8,000 — Kawasaki sells Ninjas for half that.

Harley Davidson has a page on its investor website dedicated to explaining the company’s demographics. Harley-Davidson, Inc. (NYSE:HOG) argues that it’s taking aggressive steps to push into new markets (18-34, non-whites), and that it has become the number one seller of new bikes to these groups.

However, the company still sells primarily to its core customer. Moreover, the company’s Japanese competitors should get a boost from the recent weakening of the yen.

Millennials don’t care for McDonald’s food

Millennials don’t care for McDonald’s Corporation (NYSE:MCD) food. American consumers aged 18 to 32 still like fast food, but prefer other establishments, such as Subway, Chipotle Mexican Grill, Inc. (NYSE:CMG) and Taco Bell.

McDonald’s Corporation (NYSE:MCD)’s management is aware of this. In an internal memo, McDonald’s Corporation (NYSE:MCD) revealed that it doesn’t rank in millennials’ top 10, unlike other demographic groups that continue to favor the Big Mac-maker.

The youngest consumers, today’s children, still like McDonald’s Corporation (NYSE:MCD). But one can imagine that in time, as millennials age and become parents, McDonald’s could face a negative, cascading effect.

To rectify this situation, McDonald’s Corporation (NYSE:MCD) has been altering its menu, adding new items and shifting its serving times. In particular, McDonald’s has pushed the McWrap — a premium, customizable snack wrap management has called a “Subway Buster.”

The company has also started serving some breakfast items on its late night menu, and has hinted that it could start serving breakfast 24 hours a day — a subtle outreach to millennial consumers, who are often viewed as wanting more options.